An Israeli court has ruled that exporter Agrexco will be sold as a going concern to two flower growers.
The offer from Gideon Bickel and Chen Lamdan was the higher of two remaining offers for the company. Their companies Bickel Group Export & Trade Ltd and Lamdan’s Orian SM Ltd offered NIS 17.6 million (£3.04m) including NIS 10m to be paid immediately with the balance forthcoming over the next three years.
Ron Glowinsky, general manager of Agrexco in the UK said: “The decision has been taken by the Tel Aviv district cout but it will take another two weeks before everything becomes clear as there are public holidays in Israel. I know that the intention of Bickel is certainly to keep the Agrexco business alive and to keep the Carmel brand.”
Under the new deal, Bickel and Lamdan are expected to employ 30 of Agrexco’s 100 remaining employees.
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